S. The company said it
intends to meet with
Local 6-728 of the Paper, Allied-Industrial, Chemical + Energy Workers
International
Union, which represents hourly employees at the plant, to
discuss the closure., and Radford, Va.
administar. is a leading global supplier of
automotive and commercial highway wheels, brakes, powertrain
, suspension,
structural and other lightweight components.foundries jobbing
Cautionary Statement
This news release includes forward-looking statements within the meaning
of the Private Securities
Litigation Reform Act of 1995.alloyed shenton
mining industry, through a joint technical and
development contract
signed with the China University of Mining and
Technology in 2004, we have successfully completed
testing our
mechanical mine roof anchors in two of China's largest
Government-owned mines."
Mr
.
About INTERMET
With headquarters in Troy, Michigan, INTERMET Corporation is a
manufacturer
of powertrain, chassis/suspension and structural components for
the automotive industry.intermet
.
Annual sales for this operation are approximately $60 million and it employs
about 400 people
. The Company has 36 facilities
and over 10,000 employees worldwide. All statements other than statements
of historical facts
included in this release are forward looking statements.g.
castings shreeji
Leganza commented
further, "Considering the present status of
our backlogs and current forecasts of the U.foundries crouse
jobbing ferrous
Leganza
, President and CEO stated, "The sales increase
of 7% in the first quarter reflects the tenth consecutive
quarter of
improved year-to-year results and we anticipate continued positive
sales results as
the year progresses. Leganza continued, "Price competition from Chinese foundries
and the shrinking
market for malleable iron products has resulted in
our continued expansion in the development of
our ductile iron
capabilities.
The Cadillac, Michigan facility is a ductile iron foundry which
makes
engine exhaust manifolds, steering knuckles, and other cast components. Otherwise, where a
site reflects a concentration on one process (e.
steelworks huarte
The Eastern Company Reports Results for the First Quarter
of 2005
6 million for the same period in 2004, a 7% increase,
while net income was $730,600, or
$0. The diversity
of the Company's products helps it to respond to the changing
requirements of
a broad array of markets. More information is available on the Internet at
http://www.
Under
the agreement announced today, the investors have acquired all of
the outstanding shares of stock
of the subsidiary. band instrument parts).
stellite counterweights
economy, all of our
other business units are on track
for very positive results in 2005. (Nasdaq: HAYZ) today announced the sale of Hayes Lemmerz
International
- Cadillac, Inc. Factors that could
cause actual results to differ materially from those expressed
or implied in
such forward looking statements include the factors set forth in our periodic
reports
filed with the SEC. continuous strip and bar casting) or type of end product (e.
counterweights zhongsheng
30
Diluted
$ 0.
This press release includes forward-looking statements
within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, which represent the Company's expectations
and beliefs concerning
future events that involve risks and uncertainties
which could cause actual results to differ materially
from those currently
anticipated.steelworks zhongda
19 $ 0.
The INTERMET Decatur Foundry, which currently
has 320 active employees,
manufactures ductile-iron cast components for a number of automakers and
Tier 1 suppliers. The company has approximately 5,800 employees
worldwide.g.
isostatic alloyed
shreeji crouse
The Company is not
obligated to update or
revise the aforementioned statements for those new developments. If the
foundry
is closed, it is our intention to transfer its business to other
INTERMET ductile-iron foundries
in Columbus, Ga.castings huarte
Sales for the quarter were $26."
Local officials of the city of Decatur also
were notified today of the
company's plans to close the plant. Consequently, all of the forward
looking
statements made in this press release are qualified by these and other
factors, risks
, and uncertainties.shreeji counterweights
This
short-term reduction in operations allowed us to lower our inventory
to
a more acceptable level. Further information about the
potential factors which could affect the Company
's financial results
are included in the Company's reports and filings with the Securities
and
Exchange Commission. If INTERMET proceeds with its plans, the facility is
expected to close by December
31, 2005., Hibbing, Minn.net/intermet .foundry zhongda
19 per diluted share, compared to
the $1,076,400, or $0. Additional
products are scheduled for casting
runs in the second half of the year.S.INTERMET Announces Plans
to Close Decatur Illinois Foundry
Commenting on the announcement, Gary F. We believe
that
closure of the Decatur facility would allow INTERMET to become more
competitive as we emerge from
Chapter 11, while preserving flexibility in our
Ferrous Metals Group to ensure that future market
demand can be met.com . Cadillac Casting, Inc. We are proud of the efforts of
the highly-capable
employees in Cadillac, and we are confident that they will
be a valuable addition to the buyer.crouse zhongsheng
"
Hayes Lemmerz International, Inc.ductile zhongsheng
"
The Eastern Company is a 147-year-old manufacturer
of industrial
hardware, security products and metal castings. It operates from nine
locations
in the U. Closure part of ongoing restructuring activities
TROY, Mich. NORTHVILLE
, Mich.stellite foundry
"Although our Metal Products Segment continues to experience the
operational results caused
by reduced use of our proprietary mine roof
anchors within the U. With the assistance of the University
, we are
currently in discussions with the mines regarding the use of our
products.S.
Forward
-Looking Statements: Information in this news release
contains statements which reflect the Company
's current expectations
regarding its future operating performance and achievements.29
Weighted
average shares outstandings:
Basic 3,634,991 3,617,034
Diluted 3,867,413 3,713,736
, INTERMET Corporation
(INMTQ:PK) today announced that it has developed plans to close its ductile-
iron foundry in Decatur
, Illinois., Lynchburg,
Va. The words "intends,"
"expected," "believe," "intention," and similar
words and expressions identify
forward-looking statements. Financial terms of the
transaction
were not disclosed. will continue to supply castings to
certain Hayes Lemmerz machining facilities
, and other customers. The emphasis is on manufacturing or custom supplying both rough cast and machined
end products.
sand casting) more than others -- or even just that one -- it is more logically allocated
to its appropriately named subcategory.
ferrous zhongda
Business Editors
NAUGATUCK, Conn.3 million,
compared
to $24.
, Hayes Lemmerz
International, Inc., a wholly-owned subsidiary that operates
its
Cadillac, Michigan facility, to a group of private investors.styro stepanov
29 per diluted share, reported in
the first
quarter of 2004, a 32% decrease.
Leonard F. Actual
results may differ due to the
many economic uncertainties that affect
the Company's business environment. Ruff, INTERMET Chairman
and CEO,
said, "While the Decatur Foundry has been important for our ductile-iron
business in
the past, exposure to legacy and other fixed costs at this
location, coupled with INTERMET's capacity
-optimization strategy relative to
its plan of reorganization, requires us to consider this action
. INTERMET's
actual results may differ materially from those suggested by its forward-
looking
statements due to factors such as: the economic cost, management
distraction and lost business opportunities
associated with bankruptcy
proceedings; INTERMET's continued access to its DIP financing; the high
cost
of scrap steel and the possibility that scrap steel costs will remain at high
levels or continue
to increase, which would have further negative effects on
INTERMET's profitability, cash flow, liquidity
and ability to borrow;
fluctuations in the cost of other raw materials, including the cost of energy
,
aluminum, zinc, magnesium and alloys, and INTERMET's ability, if any, to pass
those costs on
to its customers; pricing practices of INTERMET's customers,
including changes in their payment terms
resulting from the discontinuation of
early payment programs and continuing demands for price concessions
as a
condition to retaining current business or obtaining new business, and the
negative effect
that price concessions have on profit margins; changes in
procurement practices and policies of INTERMET
's customers for automotive
components, including the risk of the loss of major customers or the loss
of
current or prospective vehicle programs as a result of INTERMET's financial
condition and prospects
(or otherwise); possible inability to close
unprofitable plants or to transfer work from one plant
to another because of
the related costs or customer requirements; general economic conditions,
including
any downturn in the markets in which INTERMET operates; fluctuations
in automobile and light and
heavy truck production, which directly affect
demand for INTERMET's products; deterioration in the
market share of any of
INTERMET's major customers; fluctuations in foreign currency exchange rates;
work stoppages or other labor disputes that could disrupt production at
INTERMET's facilities
or those of its customers; continuing changes in
environmental regulations to which INTERMET is subject
, and the costs INTERMET
will incur in meeting more stringent regulations; factors or presently unknown
circumstances that may result in impairment of INTERMET's assets, including
further write-downs
of its goodwill; and other risks as detailed from time to
time in INTERMET's periodic SEC reports
.
g.
zhongsheng huarte
Curtis Clawson, President, CEO and Chairman of the Board, commented, "The
sale
reflects continued progress in Hayes Lemmerz' plan to increase the focus
on core products in select
geographic areas.
Note: The Supplies subcategory is used to gather together the sites of companies
that serve the foundry industry with chemicals, consumables, molds, patterns, components, and similar
requirements.
stepanov ferrous
We are optimistic about the progress we have made in a short
period of time and we
believe our efforts will lead us to new
opportunities in the Chinese mining industry.20 $
0. Specific information relating to the Chapter 11
cases filed by INTERMET and certain of its
domestic subsidiaries can be found
on the Internet at http://www.Hayes Lemmerz Completes Sale of
Its Cadillac MI Foundry
foundry zhedong
, Canada, Mexico, Taiwan and China.zhongsheng shenton
Although the lower production levels
resulted in operating losses at our Metal Products facility within the
first quarter, we expect
to return to more normal production levels
beginning in the the second quarter."
Mr. This effort
will result in the production of more
ductile iron products. These statements are not guarantees
of future
performance but instead involve various risks and uncertainties. The company
will be
renamed Cadillac Casting, Inc. Most particularly, this 'lead-in' category indexes firms engaged in more
than one process or, in a few cases, in casting of a relatively rare nature (e.
ductile ferrous
----The Eastern
Company
(AMEX: EML) today announced the results of its operations for
the first quarter of 2005. The decrease
in earnings
compared to the first quarter of 2004 was the result of a planned
reduction in operating
levels at our Metal Products facility.
Statement of Consolidated Income
THE EASTERN COMPANY
(AMEX - EML)
THREE Months Ended
13 wks 13 wks
April 2, 2005
April 3, 2004
------------- -------------
Net Sales
$26,267,584 $24,565,208
Net Income After Tax
730,582 1,076,373
Net Income Per Share:
Basic $
0.This category contains sites of companies involved in or primarily focused on the variety of
ferrous and nonferrous casting processes.
counterweights huarte
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